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Insurers’ assets hit N3.3trn as premium income rises by 51%

Published

4 months ago

July 18, 2024

By Francesca Hangeior.

Despite the harsh operating business environment in the economy, insurance companies were able to grow their total assets by 36.9 per cent year-on-year, YoY, to N3.3 trillion in Q1’24 from N2.4 trillion in the corresponding period of Q1’23.

The National Insurance Commission, NAICOM, disclosed this in its first quarter Q1’24 report of the insurance sector.

According to the report, total assets of non-life business stood at N1.9 trillion while total assets of life business stood at N1.4 trillion.

According to NAICOM, the insurance industry sustained positive performance and market deepening capacity indicating its ability to adapt and grow despite the prevailing macroeconomic challenges.

Further analysis of the report show that industry gross premium income increased by 51 per cent to N470.7 billion in Q1’24 from N311.5 billion recorded in Q1’23.

According to NAICOM, the impressive increase is attributable to the regulatory measures and market dynamics.

Further analysis of the report show that the non-life segment led the market as it generated premium income of N326.9 billion indicating 69.5 per cent contribution of the total premium pool while the life segment generated N144.9 billion representing 30.5 per cent of the total premium during the period.

On claims payment, claims paid increased by 71.8 per cent to N149.1 billion in Q1’24 from N86.8 billion recorded in Q1’23.

According to NAICOM, the growth in claims payment is a reflection of increased public enlightenment and growing confidence of stakeholders concerning claims settlement.

“This is a win-win situation for insurers, policyholders and society at large as stakeholder confidence remains a major determinant of market deepening and sustainability in the long run.”

Related Topics:Insurers’ assets premium income

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Legal Questions Arise Over Elon Musk’s Immigration History Amid Calls for Citizenship Revocation

Published

3 hours ago

November 9, 2024

Gloria Ikibah

Elon Musk, a citizen of the United States could be at risk if it is proven that he misrepresented facts during his immigration process, according to legal experts. This debate comes I the middle of calls for the revocation of his citizenship, fueled by Musk’s vocal support for Donald Trump and his controversial remarks on immigration.

Musk, originally from South Africa, moved to Canada before settling in the U.S., where he eventually became a naturalized citizen, but reports recently alleged that he may have worked in the U.S. without proper authorization in the 1990s.

According to ‘The Washington Post’, Musk was admitted to Stanford University in 1995 on a student visa but did not enroll, instead working on the startup that became Zip2. Court records and former associates cited by the “Post” suggested that he lacked proper work authorization during this period.

But Musk has debunked these claims, as he said that he was in the U.S. legally on a J-1 visa, which later transitioned to an H1-B visa. However, a 2005 email cited in a defamation case reportedly revealed Musk admitting that he applied to Stanford because he “had no legal right to stay in the country.”

Legal experts indicated that working without authorization and misrepresenting such actions during the immigration process could constitute grounds for revocation of citizenship under U.S. law.

The Legal Framework

The U.S. law permits the revocation of citizenship if it was obtained through “concealment of a material fact or willful misrepresentation.” Violations such as unauthorized work can be flagged during multiple stages of the immigration process, including green card and naturalization applications.

Amanda Frost, a professor of immigration law, explains that misrepresenting visa violations could lead to denaturalization. “If a person violated the terms of a visa and later failed to disclose that during the naturalization process, their citizenship could be deemed ‘illegally procured,’” she stated.

Stephen Yale-Loehr of Cornell Law School adds that while such cases are legally valid, they are rarely pursued unless the violations are deemed material.

Potential Outcomes and Implications

If evidence of wrongdoing were uncovered, Musk would not face immediate deportation but could be subjected to a lengthy legal process. Criminal penalties for making false statements during naturalization include up to five years in prison.

However, legal experts note that such cases often hinge on whether the alleged violations would have materially affected the individual’s eligibility for a green card or citizenship. Immigration attorney Greg Siskind believes it’s unlikely that Musk’s actions, if proven, would have prevented his eventual naturalization.

Political and Public Backlash

The controversy has reignited debates about immigration enforcement and denaturalization. Under the Trump administration, efforts to revoke citizenship increased significantly, with thousands of cases investigated and dozens referred for deportation.

Musk, a high-profile immigrant, has faced criticism for his frequent comments on immigration issues, with many accusing him of promoting divisive narratives. His extensive ties to government contracts and national security projects also add a layer of scrutiny to his case.

Calls for Musk to release his immigration records under the Freedom of Information Act remain unanswered. Meanwhile, legal analysts emphasize that any action against Musk would depend on clear evidence and prosecutorial discretion.

This unfolding situation underscores the complexities of immigration enforcement and the potential implications for high-profile figures.

News

Family Head Regrets Obtaining NDA Form for Late Lt General Lagbaja

Published

3 hours ago

November 9, 2024

Gloria Ikibah

The head of the family of the late Chief of Army Staff (COAS), Lt. General Taoreed Lagbaja, Pa Tajudeen Lagbaja, has expressed deep regret over his decision to obtain the Nigerian Defence Academy (NDA) admission form for the deceased.

Pa Tajudeen, the younger brother of the late COAS’s father, revealed that if he had foreseen the tragic outcome, he would not have facilitated his nephew’s entry into the military.

He said: “Had I known that obtaining the NDA form for him would lead to this, I wouldn’t have done it.

“However, we accept it as destiny. Everyone must face death, but this loss has hit us hard. Taoreed was more than a nephew to me; I regarded him as one of my own children”.

The grieving family head recounted the late General’s contributions to their hometown of Ilobu in Osun State, highlighting projects such as a borehole in his father’s compound and other communal initiatives.

“He gave us hope and brought pride to the family. His death is a great loss, but we give thanks to God,” Pa Tajudeen added.

The late General’s death has also sparked suspicions within the family. Some relatives allege that he may have been a victim of diabolical forces linked to a land dispute in Ilobu. In 2023, tensions arose when the Nigerian Army proposed establishing a hospital in the community, reportedly leading to conflicts over land ownership.

Despite the tragic circumstances, the family expressed gratitude for Lt. General Lagbaja’s life and legacy, while grappling with the shock of his untimely demise.

News

Tinubu Leaves For Saudi Arabia Tomorrow For Arab-Islamic Summit

Published

6 hours ago

November 9, 2024

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

Nigerian president, Bola Tinubu, will be departing the country Abuja on Sunday for Riyadh, Saudi Arabia, to attend the Joint Arab-Islamic Summit, which will focus on the current situation in the Middle-East.

Naijablitznews reports this was contained in a statement by presidential aide, Bayo Onanuga, on Saturday said the Summit will commence on Monday, November 11, 2024.

“It is being held at the invitation of King Salman and Crown Prince Mohammed bin Salman and follows last year’s summit in the same Saudi city.

“During the summit, President Tinubu is expected to address the ongoing Israel-Palestinian conflict, emphasising Nigeria’s strong call for an immediate ceasefire and the urgent need for a peaceful resolution.

“Nigeria will also advocate for renewed efforts to revive the two-state solution as a pathway to lasting peace in the region,” he said.

He noted that key officials including the minister of foreign affairs, Ambassador Yusuf Tuggar, would accompany the President.

Other members of the entourage are the National Security Adviser, Mallam Nuhu Ribadu; Minister of Information and National Orientation, Alhaji Mohammed Idris; and the Director General of the National Intelligence Agency (NIA), Amb. Mohammed Mohammed.

He noted that after the conclusion of the summit, President Tinubu would return to Abuja.

It could be recalled that Tinubu had departed Nigeria on Wednesday, October 2, for a two-week working vacation in the UK as part of his annual leave.